Financial Plan for Newly Married Couple


#1

Please give financial plan for newly married couple.


#2

Hi,

There are many things that a couple must look at when they are drawing up a financial plan.

Once you move in together, both of you will need to contribute towards the household expenses. There is no single rule or solution to the problem. It all depends on your individual financial habits and needs. You can choose to keep your accounts separate or open a new account where the two of you make equal contributions. It’s entirely up to the two of you, how you decide to go about it.

The next step is to set financial goals. Just pooling your money together won’t lead you anywhere. If you wish to grow your wealth then you must focus on making smart investments. Also if you plan on having children then you need to be all the more careful with your finances. From diapers to schooling – everything costs a tidy sum.

Besides you regular expenses, you must also be prepared for emergencies. One way to beat emergencies is to plan ahead. Set up an Emergency Fund and also think about your Retirement Fund. Don’t set very ambitious goals. Set goals that you can meet without having the need to pinch pennies for your regular expenses. This is important for a happy financial future.

We have enumerated a list of things you must do to keep your bank balance rosy, but what about your health emergencies? How will you prepare for it? In India most people consider insurance as an investment and get it only for tax benefits. Or worse, they rely on company provided cover. But, it’s absolutely essential to get a comprehensive Health Insurance plan for both you and your partner. When you buy insurance early and while you’re young, you will be able to reap benefits from your policy and pay a relatively lower premium. So, it’s a win-win. By doing this you’ll be able to spot pitfalls way ahead of time and prepare for it.

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Cheers,
BB Expert